Maplebear Inc. (NASDAQ:CART) General Counsel Sells $1,405,021.59 in Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Morgan Fong also recently made the following trade(s):

• On Monday, October 21st, Morgan Fong sold 11,325 shares of Maplebear stock. The shares were sold at an average price of $42.97, for a total transaction of $486,635.25.
• On Friday, September 20th, Morgan Fong sold 10,992 shares of Maplebear stock. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96.
• On Wednesday, September 18th, Morgan Fong sold 8,345 shares of Maplebear stock. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00.

Maplebear Stock Performance

Maplebear stock traded down $0.94 during midday trading on Friday, hitting $47.72. 3,922,983 shares of the company’s stock were exchanged, compared to its average volume of 3,917,582. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $50.01. The stock has a 50-day moving average price of $40.91 and a two-hundred day moving average price of $36.16. The company has a market cap of $12.45 billion, a P/E ratio of -2.40, a PEG ratio of 1.39 and a beta of 1.12.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million during the quarter, compared to analysts’ expectations of $806.35 million. The firm’s revenue was up 14.9% on a year-over-year basis. As a group, sell-side analysts expect that Maplebear Inc. will post 1.17 earnings per share for the current year.

Hedge Funds Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of the company. CIBC Asset Management Inc boosted its holdings in shares of Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after purchasing an additional 286 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after acquiring an additional 584 shares during the last quarter. Creative Planning lifted its stake in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after acquiring an additional 831 shares during the last quarter. Huntington National Bank bought a new stake in shares of Maplebear in the 3rd quarter valued at about $54,000. Finally, nVerses Capital LLC lifted its stake in shares of Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on CART. Wolfe Research began coverage on shares of Maplebear in a report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Bank of America boosted their price objective on shares of Maplebear from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research report on Monday, October 7th. Finally, Citigroup boosted their price objective on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Twelve research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.90.

About Maplebear

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.